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Morning Commentary

July corn up 8 ½ at $3.65

July beans up 15 ¾ at $8.1825

The DOW is up

USD is stronger

Crude oil up $.59 at $61.63

Good morning,

Corn prices have rebounded 22 cents in 24 hours as bulls are happy to see USDA weekly crop progress show just 30% planted vs. the 5-year historical average of 66% planted by this date. Perhaps the bearish funds are finally starting to lose their grip and take notice? Many top producing states are significantly behind schedule with forecasters calling for a small break in the rains, then more moisture reappearing in the extended forecast. In fact, some areas looking at ongoing rains into the second week of June. In the past 25-years, this is now our third slowest pace of planting, behind only 2013 (28% planted by May 12th) and 1993 (27% planted by May 12th).

Soybean bulls see just 9% of the U.S. crop planted vs. the traditional 5-year pace of 29% planted by this date. Again, similar to corn, top producing states are running well behind their traditional pace: Arkansas just 21% planted vs. 5-year average of 53%; Illinois just 3% planted vs. 5-year average of 34%; Indiana 2% planted vs. 5-year average of 26%; Iowa 13% planted vs. 5-year average of 31%; Kansas 7% vs. 17%; Minnesota 3% vs. 36%; Mississippi 33% vs. 69%; Missouri 5% vs. 23%; North Dakota 5% vs. 20%; Ohio 2% vs. 20%; South Dakota 0% vs. 19%; Wisconsin 4% vs. 17%.

President Trump says the government is planning to provide about $15 billion in aid to help U.S. farmers who have had crop prices impacted by tariffs, “We’re going to take the highest year, the biggest purchase that China has ever made with our farmers, which is about $15 billion, and do something reciprocal to our farmers so our farmers can do well.” (Source: Reuters)

Reports circulating estimate that Vietnam has now culled over 1+.2 mil hogs due to the spread of African Swine Fever. Keep in mind, pork accounts for about 75% of all meat consumed in Vietnam.

A jury dealt Bayer a third court defeat, awarding $2.055 billion to a California couple who blamed the German company’s Roundup weedkiller for causing their cancer. The verdict by the Northern California jury comes as Bayer faces a revolt from shareholders over last year’s acquisition of Monsanto, which exposed Bayer to some 13,400 claims tying Roundup to cancer. (Source: The Wall Street Journal)

 

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